China's Oil Teapots Face Reckoning Amid Overcapacity Crackdown

In a significant shift within China's fluctuating energy sector, local small-to-medium-sized oil refineries, commonly known as "teapots," are grappling with the severe repercussions of a government-led initiative aimed at addressing overcapacity issues. This crackdown by Beijing comes at a time when the balance of supply and demand in the global oil market hangs in the balance, sparking fears within the industry of potential job losses and operational adjustments.

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